Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1887-04-08
THE LEGISLATURE.

a COMMISSION APPOINTED TO
MELT THE CREDITORS AND
THE ASSEMBLY I'D
JOURNS TILL APRIL
27TH.
The following is a summary of the most
important business transacted in the legis-
lature in the past week:
THE SALARIES OF THE CIRCUIT
JUDGES.
The bill to increase the salaries of the
| Circuit Judges from 81 800 to So, 800 year
was defeated by the Senate refusing to
| order it to its engrossment, by the follow
| ing vote:
| Ayes-Messrs. Bib, Blackstone, Dali
| ton, Ellyson, Gordon, Jones, Lovenstein,
| Mccormick, Meredith, Stubs, Warwick
and Wlckham-12.
| Noes-Messrs. Berry. Bliss, Brown,
] Coltrane, Diggs, Edmunds, Flanary, Gill
| lespie, Grim, Heaton. Hurt, Koiner, Nc
Donald, Norton, Petit, Head, Rhea, Sta
PIES Trout, Twyman, Williams and Wor.
| tham-22
ELECTION OF RAILROAD COMMISSIONER.
Maj. J. G. Hill. who received the Dem
ocratic nomination in caucus for the post
of Railroad Commissioner, at a salary Of
So, 500, was elected without opposition by
the legislature. He is the editor, of the
| Scottsvile Courier" and filled the place
| of Sergeant-at-arms of the House of Dele
gates.
w. r. Gaines of Charlotte county, a
| one-legged Confederate veteran, was elect
ed Sergeant-at arms of the House Of Dele
gates.
ELECTION OF COUNTY JUDGE.
Geo. W. Ward. editor of the Abingdon
"Virginian, :" was elected Judge Of Vast
ington county.
THE STATE AND THE CREDITORS.
Just after the adoption by the legisla-
ture of resolution to appoint commission
to meet one from the creditors publish
ed in our last) the following letter was re-
ceived from the committee Of the creditors.
1t was written before the first telegram
asking for conference was sent from
London to Gov. Lee, and was brought by
hand by Mr.. J. z. Cooper to this country
We give it as well as the kilograms since
exchanged on the subject as a part of the
history of the question:
COUNCIL OF FOREIGN BoNDHoLDERs, }
IL MAnGATE STREET,
LONDON, March 10Th, 1887.
To HIS EacelLency Gen. FNzhuqh Lee,
Governor of the State of Virginia,
Richmond, Vargania, q. S. d.:
SIR-In view Of the extra session Of the
Virginia Legislature, which it is under
stood has been summoned for the purpose
of considering, among other things, the
present condition Of the State debt; the
Council of the Corporation of Foreign
Bondholders and the Committee of Eng
} lish Virginia Bondholders, acting in con-
junction with the council, beg leave to in
vite your attention to their letter to your
Excellency dated 9Th October, 1886, hand
| ing you copies of the resolutions passed at
public meeting Of the Virginia bond
holders, held in this city on the Oath of
September last, wherein they expressed
their willingness to meet the State in a
fair and liberal spirit, and to accept a
compromise of their demands On the State.
} based on the ability of the State to dis
charge its obligations without raising the
present rate of taxation,
In order to render more effective any
action which the committee may take, and
> with the object of bringing the bondhold-
ers under one representation should the
contamination they earnestly desire be ar
rived aG,) the committee have lately called
ed on Virginia bondholders to deposit
their bonds on trust with the Corporation
of Foreign Bondholders. The following
is an extract from the conditions and
Objects of Deposit of Bonds'' set forth on
the certificates of deposit
1.-THE object Of the deposit Of the bonds
and coupons is to Invest and the party
lodging the same as holder thereof thereby
invests the Corporation of Foreign Bond.
holders with the following powers, exer-
cislble in concurrence with the Committee
of Virginia State Bondholders
(a) TO act as the representatives of the
holders for the time being. collectively ard
Individually, OF all bonds and coupons de-
posted for all purposes, and with all the
| powers which such holders themselves have
or can exercise in relation to their rights
as such holders.
(5.) To negotiate and (when ratified by
resolution of a general meeting of certifi-
cate holders) to conclude arrangements
with the State Of Virginia or others in re-
lation to the said bonds and coupons on
any terms, and to carry the same into eff
feet by presenting the same bonds and
coupons to the proper authority, and ex-
changing them for other securities or 9TH
erWise and to generally act in all things
as they may think expedient in the inter-
ests or On behalf of the bondholders.
(c.) To delegate any Of such powers to
any person or persons.
The Corporation of Foreign BOndhold-
ers is public body mot private company
or undertaking. constituted by a special
} charter Of the Board of Trade for public
| pnrpOeps and psppGiallU tn rnnrocopt ord
protect the interest Of foreign bondhold-
ers, and it is precluded by its charter from
dividing any profits amongst its members.
The gentlemen constituting the Virginia
committee. acting in conjunction with the
Cooperation of Foreign Bondholders, dis
claim any feelings of hostility towards the
State, and desire only to secure for their
: constituents what they conceive to be
reasonable recognition of their rights and
to arrange such matters as are in dispute
in an amlcable manner and on a basis
which shall be satisfactory TO both parties.
The Corporation of Foreign Bondhold-
ers have effected arrangements concerning
the public debts of the following States,
whose total Indebtedness amounted to
.e673, 745, 900, viz: Spain, Turkey, Egypt,
Mexico, Venezuela, Costa RIGA, Paraguay
Uruguay, Greece, Bolivia, Colombia. etc.
The Committee of Virginia Bondnold-
efS are OF the OPINION That fair settle
ment can be arrived at, and that any ar
rangement which commends itself to them
will be cheerfully accepted by the bond
holders at large. They would, however,
remind your ExcellencY that the longer
settlement is deferred the more difficult it
will be to secure the unanimous support of
the bondholders, whose claims naturally
increase as time goes on. and as the en-
forcement of their rights is placed On a
frmer footing by the successive decisions
of the Federal courts of the United States.
The committee would remind your Ex-
ceilency that the bondholders were not
granted an opportunity of presenting their
claims at the time of the passage Of the